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2011
August - Some of SciTech’s management has started another company charged with finding fresh investment capital for promising environmental tech and life science firms. This company, Sino Ambassadors (www.sinoambassadors.com), will be focusing on raising money from China
July - SciTech’s patent application is in the process of being prosecuted in several Western countries and the office actions to date suggest that its application stands a good chance of retaining most of its claims. Therefore, SciTech intends to commence ramping up its development and funding efforts for its IV product, ST-001.
April - Management made several strategic, long-term decisions concerning SciTech’s future. Until any country validates SciTech’s patent claims, the company will focus its energy on helping Ferndale Laboratories develop its topical drug product for the treatment of cancerous and pre-cancerous skin conditions.
Secondly, once SciTech restarts its intravenous (IV) drug development program, it will focus on employing its product as an enhancer for standard CHOP-R therapy in the treatment of MHL. This second decision is based on new data showing the potential of the combination therapy using rituximab and fenretinide. Finally, SciTech will commence a longer term effort to show that its product, ST-001 will be capable of serving as an efficacy facilitator for other known therapeutic drugs falling in the other humanized IgG1 MAb’s.
2010
July - SciTech management has decided to suspend its search for funding of its intravenous drug, ST-001, until its patent application is prosecuted in one of the countries to whom it has applied. SciTech is basing this decision on the assumption that raising funds for ST-001 will be problematic until its IP position is better validated.
April - Corp!, a Detroit based business magazine, named SciTech as a 2010 Business & Science Honoree “in recognition of leading the way in science and technology and making Michigan a better place to live and work” (http://www.corpmagazine.com).
March-SciTech submitted a $4,000,000 grant application to the National Institutes of Health (NIH) for funding the balance of its preclinical activity for its oncology drug ST-001. The title of the grant RFP is “SBIR Phase II Bridge Awards to Accelerate the Development of Cancer Therapeutics.” SciTech is collaborating with 21st Century Therapeutics Inc. and Campbell University Sciences Institute (CUPSI).
SWMF Life Science Fund, a Kalamazoo based venture group, signed a letter of support for SciTech’s pending application for NCI SBIR Bridge Funding. SWMF indicated its interest in providing matching funds to SciTech if its funding application is approved.
February - The company has signed a joint operating agreement with 21st Century Therapeutics Inc.; a company housed in Detroit whose mission is the discovery and development of therapeutic agents with an emphasis on anticancer drugs. Its Founder, Dr. Fred Valeriote, has been involved in anticancer drug discovery and development for two decades and began the company as a conduit for development of agents derived from his past and present Federal grants. His company will conduct in vitro efficacy studies to evaluate the tumor stem cell cytotoxicity of Fenretinide nanosomes alone and in combination with approved chemotherapeutic agents that are used in combination chemotherapy for NHL. The results of this work will further establish and validate the targeted cancer indication incorporated in our IND submission and refine the scope of our initial clinical trial effort. 21st Century will also support SciTech’s internal product refinement effort by sharing key personnel.
January-Ferndale Laboratories Inc, SciTech’s topical drug development licensee, submitted the final report on the completion of its preclinical toxicity and safety tests for the new topical drug. The parties are in the process of designing clinical trial protocols for submission of an IND application to the FDA. SciTech is seeking NCI approval to use its fenretinide inventory for human clinical trials.
SciTech submitted a letter of intent to apply for a NCI Bridge grant to finance the balance of the preclinical work required to seek FDA approval to test its new intravenous oncology drug in humans.
2009
December – SciTech’s topical drug development partner and licensee, Ferndale Laboratories, Inc. has completed the final preclinical studies required prior to applying to the Food and Drug Administration (FDA) for an IND approval to commence clinical trials on its anti cancer drug for the treatment of SCC, BCC and AK. Ferndale also completed the manufacturing scale up of the product.
November – SciTech signed a Strategic Master Services Agreement term sheet with Cato Bioventures, a subsidiary of Cato Research, a North Carolina contract research organization (CRO). Cato has agreed to provide “Critical Time strategic equity-based drug development financing to SciTech to enable SciTech to accomplish critical-path development objectives”. This agreement is further designed to induce other investment in this project based on Cato’s industry driven validation of SciTech’s product.
SciTech exhibited its technology at the Annual MichBio Expo & Conference in Kalamazoo, MI. Numerous discussions were held with venture capital companies that showed great promise. These companies held back, because of SciTech’s term sheet with a private equity investor.
August – SciTech and its potential private equity partner have called off the negotiations for their investment in SciTech. The reason for this termination of negotiations has not been disclosed. SciTech will continue in its search for other funding sources.
April – SciTech signs a nonbinding term sheet with a private equity investor to fund the commercialization of its anti-cancer drug, ST-001. It is expected that is funding will carry the company all the way to initial product introduction. The parties have commenced due diligence and expect to close the transaction within 90 days.
February – SciTech commenced negotiations with a private equity investor to fund the development of its product ST-001.
January – The Ann Arbor based New Enterprise Forum (NEF) presented SciTech with its “Best Showcase Presentation of the Year” award for 2008. “This award is given to the company most likely to be funded in the near future from this region of Michigan”, according to Phil Tepley, its president (www.newenterpriseforum.org). New Enterprise Forum (NEF) is a not-for-profit corporation founded in 1986 to help entrepreneurs prosper and grow. It links entrepreneurs to management expertise, potential joint venture partners, mentors, business services, capital, and other critical resources. This award was highlighted by MI Tech News and Crain’s Detroit Business .
2008
Fall & Winter – SciTech was featured in X-Ology Magazine’s fall issue highlighting the potential of its repurposed oncology drug, fenretinide, combined with SciTech’s unique nano-particulate delivery system. SciTech has made it possible to deliver this well known and highly touted drug, first developed by Johnson& Johnson, in a manner that achieves the originally expected therapeutic effect by overcoming its tendencies to be insoluble. It was further reported that the nano-particle system could potentially be used to deliver other compounds suffering from the same solubility problems. “…these are lipophilic (only soluble in lipids, not water) and are somewhat similar in their chemical structure as fenretinide”. The article reported that “SciTech Development’s breakthrough solution …gives this biotech startup its big break.” Link: http://www.xology.com/f08/f08_business_profile.php
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Holsapple was the subject of a feature article in his hometown newspaper, the Grosse Pointe News. The “Pointer of Interest” feature story highlighted his varied career as a Marine Corps officer, entrepreneur, business manager turnaround expert and new product developer. The focus of the article was on the potential of SciTech’s new oncology drug. Surprisingly, it drew considerable interest from local potential investors.
SciTech completed its round of venture capital presentations by participating in the New England Venture Summit sponsored by youngStartUp Ventures. Louis Scarmoutzos, SciTech’s newest member of the Board of Advisors, participated in the well attended meeting. The company made an all important connection with Cancer Research UK, a UK organization that would be the US equivalent to combining the National Cancer Institute and the American Cancer Society.
Holsapple presented and competed at the MichBio Expo. This Emerging Biosciences Showcase featured the best life science new technologies in the state and was well attended by the Midwest’s venture capital community. As with all venture capital presentations, SciTech was vetted through a selection process. SciTech is a member of the MichBio.
Holsapple attended the 15th Annual Conference of the National Association of Seed and Venture Funds held in Detroit. His work in incubating various life science technologies was highlighted by several MI venture capital companies.
August – Earle Holsapple announces the appointment of Louis Scarmoutzos , PhD of MVS Solutions to its Board of Advisors. Dr. Scarmoutzos was appointed by the Larta Institute and NIH to help SciTech in the NIH Commercialization Assistance Program. He was so enamored with the company that he accepted an offer to join the Board.
July – Earle Holsapple was selected to be a featured speaker at the 10th Annual NIH SBIR/STTR Conference held in Atlanta, Georgia. This conference entitled “Transforming Medicine Through Innovation” highlighted SciTech’s participation in the NIH CAP Program and the quality of its funding raising pitch. Holsapple presented the pitch to a large participating audience and then was questioned by venture capitalists and the audience.
June - The company was invited to present at the New York Venture Summit in New York City where 50+ companies presented to dozens of local venture capitalists. SciTech garnered numerous funding leads and introductions to potential collaborators. As result of its high quality impression made on New York venture capitalists, SciTech was further invited to present at the New England Venture Summit to be held in November outside Boston, MA.
May – SciTech presented at the Larta Institute 2008 Venture Forum in San Jose, California. This seed and early stage life science forum showcased SciTech to some of the leading pharmaceutical industry players in the oncology space as well as giving it exposure in the California VC market. The NIH – CAP, Principal Advisor, who helped select Scitech to participate, concluded the following: “SciTech has a promising anti-cancer drug. It shows a great deal of probability of being successful, which is no small feat. There’s a vast minefield of drug candidates that have failed… One of the unique features of SciTech’s drug is that it has been used in good model systems that include human data. SciTech actually has the right mix of science and business acumen.”
The company presented at the Michigan Growth Capital Symposium sponsored by the University of Michigan’s Ross School of Business. This was the second time that Earle Holsapple presented a breakthrough product, spinning out of Wayne State University and the Karmanos Cancer Institute, at this symposium.
April - SciTech has been chosen by the National Institutes of Health Commercialization Assistance Program (NIH-CAP) to present at the Larta Institute's 2008 Venture Forum, the largest and longest running showcase of early stage innovation and entrepreneurship. On 30 CAP companies were selected to participate in the forum on May 30th (www.theventureforum.com).
“SciTech has a promising anticancer drug,” said NIH-CAP Principal Advisor Louis Scarmoutzos, a member of the NIH committee that selected SciTech to participate in the Larta forum. “It shows a great deal of probability of being successful, which is no small feat. There's a vast minefield of drug candidates that have failed. One of the unique features of SciTech's drug is that it has been used in good model systems that include human data. SciTech actually has the right mix of science and business acumen.” To read more go to: http://www.media.wayne.edu/2008/05/02/techtowns-scitech-honored-by-nih-michigan-growth
SciTech was selected to present at the 2008 Michigan Growth Capital Symposium, where investors meet the "Best of the Midwest" in emerging technologies, on May 14th and 15th.
February - SciTech competed in Washington, DC to present at the Larta Institute's 2008 Venture Forum in San Clara California.
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